Oil falls as Trump says new Iran attacks 'unlikely'

Oil prices moved lower at Monday’s open after US President Donald Trump said further strikes on Iran were not expected if negotiations continued to advance. By 0138 GMT, Brent had declined 84 cents, or 0.85%, to $97.48 a barrel, while West Texas Intermediate was down 32 cents, or 0.35%, at $90.51.

The latest move followed a steep weekly retreat: Brent lost 17% last week, its sharpest weekly percentage fall since the COVID pandemic began, according to LSEG data cited by Business Recorder. JPMorgan sees global supply exceeding consumption, estimating a 1.1 million-barrel-a-day surplus in September and 1.4 million in October, as Middle Eastern flows recover, other producers raise output and demand remains weak. Iraq also reached an understanding with Washington to move its oil through Hormuz using a route near Oman, while Iraq’s foreign minister put losses linked to the war and export disruptions at $60 billion.